Max Group launches lifestyle properties
Max Group is planning to enter the hospitality sector with a wellness resort brand “Vana”.
Vana Retreats and Hotel Pvt Ltd is a venture which is lead by Analjit Singh‘s son Veer Singh. The firm is planning to operate lifestyle properties across India and abroad with an initial project budget of Rs 300 crore.
This project is expected to be completed by this year’s winter. Max Group project is a luxury property which offers yoga, ayurvedic and other wellness therapies, aimed at well-traveled, health-conscious individuals and families.
As per the firm’s plan, 7-10 Vana retreats are going to be set in next 10 years and Rs 300 crore i.e half the cost of the project will be in the form of equity.
This is not the first hospitality project by the Max Group, they owned 7 percent stake in EIH, the parent company of Oberoi hotel chain, 2010. But they slowly reduced the holding from seven to four percent and divested.
Around 14 percent stake was sold by EIH to Reliance Industries and Max Group put its stake on the block, finally exiting by selling the stake to RIL for close to Rs 200 crore.
During this association, Singh discussed a management contract with EIH for a five-star hotel at the location the Vana resort is coming up at, but those plans did not materialise. But that became the basis for the Vana. After six months into the discussion, the company decided to start it on its own by turning it into an independent project. It was planned by the owner that there will be no synergy between Max Group and Vana Retreat in terms of business.
According to the MD of HVS Hospitality, the sector is yet a bud and in the beginning stage of growing. A huge growth along with many new brands, is expected in the coming years. Few internationally established chains like Six Senses, Banyan Tree and Anantara are also planning to invest in Indian market.
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